"I am not considering $50,000 debt reduction, but I am in the process of taking a hard look at whether or not there will be additional debt forgiveness," Biden said. During his presidential campaign, Biden supported erasing $10,000 in student debt for most borrowers, but has raised questions about his legal authority to do so via executive order. During a press briefing last week, press secretary Jen Psaki said an income cap for student loan forgiveness was under consideration.
Biden has extended the freeze on student loan payments through Aug. 31, citing the COVID-19 pandemic. Evan Spiegel — whose net worth is valued at $6.5 billion — along with his wife, KORA Organics CEO Miranda Kerr made a hefty donation that Otis College of Art and Design says will pay off all the graduating class of 2022's student loan debt.
Meanwhile, More than 43 million Americans owe the federal government $1.6 trillion — an average $37,000 per person — making up the biggest share of consumer debt in the U.S. after mortgages, the Times reported.
MirandaKerr KORAORGANICS
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